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BERGER v. CAS' FEED STORE, INC.

No. 94-688.

543 N.W.2d 597 (1996)

Denny BERGER, David Brezina, Calvin Dostal, Stanley Dostal, Dennis Gienger, Gary Hanus, Stanley Hanus, Ray Kubik, Bruce Morrison, Sash Farms Company, Harold Vorba, Evan Wilson, Paul Wobeter, Ada Krutzfeldt, Emma Kubik, and Pete Wobeter, Appellees, Kenneth Strohbehn, Plaintiff, v. CAS' FEED STORE, INC., Defendant, and Farmers Savings Bank & Trust-Traer, Appellant.

Supreme Court of Iowa.

February 14, 1996.

Attorney(s) appearing for the Case

Eugene J. Kopecky and Karen A. Volz of Ackley, Kopecky & Kingery, Cedar Rapids, for appellant.

James C. Ellefson and James L. Goodman of Welp, Harrison, Brennecke & Moore, Marshalltown, for appellees.

Thomas E. Salsbery and Diane M. Stahle of Davis, Hockenberg, Wine, Brown, Koehn & Shors, P.C., Des Moines, for amici curiae Iowa Bankers Association and American Bankers Association.

Considered by McGIVERIN, C.J., and LARSON, CARTER, LAVORATO, and SNELL, JJ.

LARSON, Justice.

Cas' Feed Store (Cas) in Traer, Iowa, had a long-standing arrangement with its customers by which the customers prepaid (usually at the end of the tax year) for future crop expenses such as chemicals, seed, and fertilizer. Several reasons were given for this arrangement, but the greatest impetus seems to be to offset income, for tax purposes, by making these payments in the current tax year.

Cas deposited some of these prepayments in the Farmers...

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